Fitch Ratings has published a sector-specific special report describing
the credit factors the agency uses to analyze restaurant companies.
Limited-service and full-service restaurants operating in the
quick-service restaurant (QSR) and casual dining segments are discussed
in the report.

Compared with the aggregate corporate curve, restaurants are viewed as
having an above-average risk profile. However, strong company-specific
traits can help mitigate some of this risk. Moreover, cash flow metrics
and EBITDA margins can be better than similarly rated corporate entities
due to limited working capital requirements, resulting from mainly cash
transactions, and widespread use of the franchise business model,
particularly within the QSR segment.

The sector risk profile can be naturally as high as the 'BBB' rating
category with the limited-service subsector viewed as having less risk
than the full-service subsector. The restaurant sector's risk profile
reflects its overall maturity, economic sensitivity, the effects of
commodity food and labor cost inflation, government regulation, and
health and obesity concerns. However, company-specific traits and strong
financial profiles can result in issuer ratings being as high as 'A'.

The special report 'Rating Restaurant Companies - Sector Credit Factors'
is available at www.fitchratings.com
or by clicking on the link above.

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND
DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING
THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS.
IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE
AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'.
PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS
SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS
OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES
AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF
THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE
RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR
RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY
CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH
WEBSITE.